We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Manitowoc (MTW) Q2 Earnings Miss Estimates, '24 View Down
Read MoreHide Full Article
The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 25 cents in second-quarter 2024, missing the Zacks Consensus Estimate of 58 cents. The company reported an EPS of 75 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 4 cents in the quarter compared with the prior-year quarter’s 57 cents.
Manitowoc’s revenues moved down 6.8% year over year to $562 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $603 million. Favorable changes in foreign currency translation rates had an impact of $2.7 million on revenues.
Orders in the reported quarter decreased 22.2% year over year to $428 million. The backlog at the end of the quarter was $836 million.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
Cost of sales moved down 3.6% year over year to $462 million in the reported quarter. The gross profit was down 18.9% year over year to $100 million. The gross margin was 17.7% in the reported quarter compared with 20.4% in the prior-year quarter.
Engineering, selling and administrative expenses decreased 4.5% year over year to $84 million. Total operating costs and expenses were $87 million in the quarter compared with the $89 million reported last year.
Adjusted operating income was $20.6 million in the quarter, down from $45.5 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $36 million compared with $60 million in the prior-year quarter. The adjusted EBITDA margin fell to 6.4% from the year-ago quarter’s 10%.
Financial Update
Manitowoc reported cash and cash equivalents of $38 million at the end of the second quarter of 2024, up from $34 million at the 2023 end. The long-term debt was $406 million at the end of the quarter under review, up from $359 million at the 2023 end. The company generated $11 million of cash in operating activities in the second quarter of 2024 against a cash outflow of $17.2 million in the last-year quarter.
Outlook
Manitowoc expects revenues of $2.175-$2.225 billion for 2023, down from the previously stated $2.275-$2.375 billion. Adjusted EBITDA is anticipated between $125 million and $140 million, down from the $150-180 million mentioned earlier. The adjusted EPS is expected between 45 cents and 90 cents, whereas the company previously stated 95 cents to $1.55.
Price Performance
In the past year, MTW shares have lost 38.2% against the industry’s growth of 14.7%.
Caterpillar Inc. (CAT - Free Report) reported second-quarter 2024 adjusted earnings per share of a record $5.99, which beat the Zacks Consensus Estimate of $5.53 by a margin of 8.3%. The bottom-line figure marked an 8% year-over-year improvement.
The company reported second-quarter revenues of $16.69 billion, which missed the Zacks Consensus Estimate of $16.76 billion by a slight margin of 0.4%. The top line was 3.6% lower than the year-ago quarter as favorable price realization was offset by lower volumes, reflecting changes in dealer inventories.
H&E Equipment (HEES - Free Report) reported earnings per share of 91 cents, which missed the Zacks Consensus Estimate of $1.00. The bottom line marked a 20% decline from the year-ago quarter.
Revenues improved 4% year over year to $376.28 million, missing the Zacks Consensus Estimate of $389 million. Rental revenues rose 6.5% from the year-ago quarter primarily due to the ongoing expansion of HEES’ branch network.
Terex Corporation (TEX - Free Report) reported second-quarter 2024 adjusted earnings per share of $2.16, which beat the Zacks Consensus Estimate of $2.03. The bottom line fell 8.1% from the prior-year quarter.
Revenues in the reported quarter dipped 1.5% year over year to $1.38 billion, missing the Zacks Consensus Estimate of $1.42 billion.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
Manitowoc (MTW) Q2 Earnings Miss Estimates, '24 View Down
The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 25 cents in second-quarter 2024, missing the Zacks Consensus Estimate of 58 cents. The company reported an EPS of 75 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 4 cents in the quarter compared with the prior-year quarter’s 57 cents.
Manitowoc’s revenues moved down 6.8% year over year to $562 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $603 million. Favorable changes in foreign currency translation rates had an impact of $2.7 million on revenues.
Orders in the reported quarter decreased 22.2% year over year to $428 million. The backlog at the end of the quarter was $836 million.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
The Manitowoc Company, Inc. price-consensus-eps-surprise-chart | The Manitowoc Company, Inc. Quote
Operational Update
Cost of sales moved down 3.6% year over year to $462 million in the reported quarter. The gross profit was down 18.9% year over year to $100 million. The gross margin was 17.7% in the reported quarter compared with 20.4% in the prior-year quarter.
Engineering, selling and administrative expenses decreased 4.5% year over year to $84 million. Total operating costs and expenses were $87 million in the quarter compared with the $89 million reported last year.
Adjusted operating income was $20.6 million in the quarter, down from $45.5 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $36 million compared with $60 million in the prior-year quarter. The adjusted EBITDA margin fell to 6.4% from the year-ago quarter’s 10%.
Financial Update
Manitowoc reported cash and cash equivalents of $38 million at the end of the second quarter of 2024, up from $34 million at the 2023 end. The long-term debt was $406 million at the end of the quarter under review, up from $359 million at the 2023 end. The company generated $11 million of cash in operating activities in the second quarter of 2024 against a cash outflow of $17.2 million in the last-year quarter.
Outlook
Manitowoc expects revenues of $2.175-$2.225 billion for 2023, down from the previously stated $2.275-$2.375 billion. Adjusted EBITDA is anticipated between $125 million and $140 million, down from the $150-180 million mentioned earlier. The adjusted EPS is expected between 45 cents and 90 cents, whereas the company previously stated 95 cents to $1.55.
Price Performance
In the past year, MTW shares have lost 38.2% against the industry’s growth of 14.7%.
Image Source: Zacks Investment Research
Zacks Rank
Manitowoc currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Manufacturing Stocks
Caterpillar Inc. (CAT - Free Report) reported second-quarter 2024 adjusted earnings per share of a record $5.99, which beat the Zacks Consensus Estimate of $5.53 by a margin of 8.3%. The bottom-line figure marked an 8% year-over-year improvement.
The company reported second-quarter revenues of $16.69 billion, which missed the Zacks Consensus Estimate of $16.76 billion by a slight margin of 0.4%. The top line was 3.6% lower than the year-ago quarter as favorable price realization was offset by lower volumes, reflecting changes in dealer inventories.
H&E Equipment (HEES - Free Report) reported earnings per share of 91 cents, which missed the Zacks Consensus Estimate of $1.00. The bottom line marked a 20% decline from the year-ago quarter.
Revenues improved 4% year over year to $376.28 million, missing the Zacks Consensus Estimate of $389 million. Rental revenues rose 6.5% from the year-ago quarter primarily due to the ongoing expansion of HEES’ branch network.
Terex Corporation (TEX - Free Report) reported second-quarter 2024 adjusted earnings per share of $2.16, which beat the Zacks Consensus Estimate of $2.03. The bottom line fell 8.1% from the prior-year quarter.
Revenues in the reported quarter dipped 1.5% year over year to $1.38 billion, missing the Zacks Consensus Estimate of $1.42 billion.